When Preferences for a Stable Interest Rate Become Self‐Defeating
研究了央行在缺乏承诺技术时，损失函数中加入利率水平项会导致利率反而更不稳定，即偏好稳定利率可能适得其反。
Monetary policymakers often seem to have preferences for a stable interest rate, in addition to stable inflation and output. In this paper, we investigate the implications of having an interest rate level term in the loss function when the policymaker lacks commitment technology. We show that such preferences may become self‐defeating, in the sense that they generate a less stable interest rate than in the case without preferences for interest rate stability.